Black gold! New North Sea oil field will yield up to 5,350 barrels a day

TWO leading oil companies have announced the discovery of a new major field in the North Sea.

The new discovery could yield more than 5,000 barrels of oil a day[ALAMY]

The announcement was made by BP and GDF Suez E&P UK, who said that the field had been discovered across two areas where the companies have separate licences to explore.

Trevor Garlick, regional president of BP North Sea, said: “As BP marks its 50th year in the North Sea and as the industry looks to maximise economic recovery from the basin, increasing exploration activity and finding new ways to collaborate will be critical to realising remaining potential.

“This discovery is a great example of both.”

And Ruud Zoon, managing director of GDF Suez E&P UK, described it as “an encouraging exploration discovery in a part of the central North Sea that needs additional volumes of hydrocarbons to open up development options for several stranded discoveries”.

He added: “The discovery is our third successful well this year and demonstrates a continuing commitment by GDF Suez to an active exploration and appraisal drilling programme on the UK continental shelf.”

This discovery is another great example of the huge potential the future holds for the North Sea.

Scottish Energy Minister Fergus Ewing

This latest find comes after BP announced that it is investing £4.5billion to unlock around 640million barrels of oil from the giant Clair oil field (Clair Ridge phase two), which was discovered back in 1977 and is said to hold reserves of seven or eight billion barrels.

UK Business and Energy Minister Matthew Hancock said: “We are determined to have set the right fiscal and regulatory regimes to make sure we can get the maximum possible economic extraction of oil and gas in the North Sea.

“This discovery shows exactly what can be achieved in the North Sea if companies work together to maximise the considerable potential of remaining oil and gas reserves.”

Meanwhile, Scottish Energy Minister Fergus Ewing said: “This discovery is another great example of the huge potential the future holds for the North Sea.

“With more effective collaboration, increased exploration activity and a commitment to maximising economic recovery, the overall value that the industry continues to generate for the wider economy can also be maximised.”

And he added: “It is critical that current reforms to the regulatory and fiscal regimes applying in the North Sea are expedited and prioritised with a view to ensuring the economic viability of projects such as these, and to realising the opportunities for development of the vastremaining resources in the North Sea.”